Note 44 — Chapter IV · ALTERNATIVE AIMS IN MONETARY POLICY

The great debate of June 11 and 12, 1822, on Mr. Western’s Motion concerning the Resumption of Cash Payments, well illustrates, more particularly in the speeches of the opener, Mr. Western, and of the opposer, Mr. Huskisson, the regularity of the evils which follow a deflationary raising of the standard, and the unchanging antithesis between the temperaments of deflationists and devaluers, though I doubt if any present-day deflationists could make a speech at the same time so able and so unfair as Mr. Huskisson’s.